Westpac Retirement Plan Underlying Investment Managers 29 September 2017 BTNZ is the manager and Westpac New Zealand is the distributor of the Westpac Retirement Plan. This is an important document in relation to your investment in the Westpac Retirement Plan managed investment scheme. It should be read together with the Statement of Investment Policy and Objectives and any documents held on the register at companiesoffice.govt.nz/disclose.
Specialist funds and underlying investment managers Investments may be held directly or via investment in other funds that BT Funds (NZ) (BTNZ) selects (Specialist Funds). The underlying investment managers we currently use through Specialist Funds are shown in the table below. Asset Class Cash and Cash Equivalents New Zealand Fixed Interest Australasian Equities Underlying Manager BT Funds (NZ) Accessed through an investment in the Westpac Wholesale Enhanced Cash Trust, a fund issued by BTNZ. BT Funds (NZ) Accessed through an investment in the Westpac Wholesale New Zealand Bond No. 1 Trust, a fund issued by BTNZ. Harbour Asset Accessed through an investment in the Westpac Wholesale Australasian Share No. 2 Trust (via an investment in the Westpac Wholesale Strategy Share Trust). Both funds are issued by BTNZ. Salt Funds Accessed through an investment in the Westpac Wholesale Australasian Share No. 1 Trust (via an investment in the Westpac Wholesale Strategy Share Trust). Both of these funds are issued by BTNZ. BlueBay Asset LLP Fixed Interest Colchester Global Investors Wellington Company LLP All accessed through an investment in the Westpac Wholesale Fixed Interest Trust, a fund issued by BTNZ. AQR Capital LLC Ardevora Asset LLP Equities MFS Australia Pty River and Mercantile Asset LLP T. Rowe Price Group All accessed through an investment in the Westpac Wholesale Unhedged Share Trust (via an investment in the Westpac Wholesale Multi-Manager Share Trust), both funds issued by BTNZ. Listed Property Principal Global Investors LLP Accessed through an investment in the Westpac Wholesale Property Trust, a fund issued by BTNZ. Salt Funds Accessed through an investment in the Westpac Wholesale Property Trust, a fund issued by BTNZ.
Asset Class Underlying Manager BlackRock (Luxembourg) S.A. Accessed through an investment in the BlackRock Strategic Funds Style Advantage Fund, a fund domiciled in Luxembourg and managed by BlackRock (Luxembourg) S.A. (via an investment in the Westpac Wholesale Alternative Strategies Trust, a fund issued by BTNZ). Other (Alternative Investments) Goldman Sachs Asset (GSAM) Accessed through an investment in the GSAM Alternative Risk Premia Portfolio, a fund domiciled in Luxembourg and managed by GSAM (via an investment in the Westpac Wholesale Alternative Strategies Trust, a fund issued by BTNZ). K2 Advisors Accessed through an investment in K2 Alternative Strategies NZ Portfolio, a vehicle domiciled in the Cayman Islands (via an investment in the Westpac Wholesale Alternative Strategies Trust, a fund issued by BTNZ). Changes to underlying investment managers Underlying investment managers are regularly monitored and reviewed. These managers may be added to or removed without us notifying you. This means the identity and number of underlying investment managers for the funds may vary from time to time. Underlying Investment Managers (in alphabetical order) AQR Capital LLC Ardevora Asset LLP BlackRock (Luxembourg) S.A. BlueBay Asset LLP BT Funds (NZ) AQR Capital LLC is a global investment management firm employing a systematic, research-driven approach to managing alternative and traditional strategies. AQR s investment philosophy is based on the fundamental concepts of value and momentum. AQR strives to deliver superior, long-term results by seeking to filter out market noise to identify and isolate what matters most, and by developing ideas that stand up to rigorous testing. Ardevora is an employee-owned investment management partnership established in 2010. The London-based firm manages global and UK equity portfolios with an objective of generating returns over the long term with a key focus on risk. The investment process is grounded in cognitive psychology and uses traditional investment techniques to identify situations where market participants may be demonstrating some kind of bias. BlackRock is a global provider of investment management services. Founded in 1988, BlackRock is one of the world s largest asset managers. BlackRock s liquid alternative strategies aim to provide attractive, diversified risk-adjusted returns with low correlation to the major equity and bond markets. BlueBay Asset LLP provides investment management services primarily to institutions and manages a combination of long-only and alternative strategies across the sub-asset classes of investment grade corporate debt, convertible bonds, high yield debt, distressed debt, loans and emerging market debt. BTNZ is the funds management arm of Westpac in New Zealand, and is wholly owned by Westpac Banking Corporation. The specialist investment team adopts a valuation-driven approach to managing fixed interest and cash, aiming to add value via multiple sources of active management: duration, yield curve positioning and sector and security selection.
Colchester Global Investors Goldman Sachs Asset (GSAM) Harbour Asset K2 Advisors MFS Australia Pty. Principal Global Investors LLP River and Mercantile Asset LLP Salt Funds Founded in 1999 and based in London, Colchester Global Investors is an independent investment management firm offering value oriented, global and international bond management services. Colchester s portfolios principally comprise sovereign bonds. Through the use of high quality smaller country bonds, Colchester gains the significant competitive advantage of diversity and added return potential. GSAM is part of the investment management division of Goldman Sachs & Co. GSAM has been providing investment advisory services since 1989 to institutional investors such as pension funds, endowments, foundations, financial institutions, corporations, and governments. GSAM s alternative risk premia strategy seeks to provide exposure to a diversified range of strategies across asset classes and investment styles using both long and short positions. Harbour is a New Zealand based investment manager which manages funds for large government institutions, workplace savings schemes, charities, KiwiSaver schemes and retail investors through mezzanine platforms. Harbour offers both equity and fixed interest investment solutions for clients. Within New Zealand fixed interest, structural and macroeconomic research forms the cornerstone of the investment process, and is complemented by valuation indicators and market intelligence. K2 provides integrated hedge fund product solutions to hundreds of sophisticated institutional and high net worth investors across the globe, including corporations, large public and union pension funds, insurance companies, foundations, and endowments. K2 executes a disciplined and rigorous manager selection process that seeks to identify best-in-class managers for each of the alternative strategies in which the firm invests. MFS Australia Pty. Ltd. (MFS Australia) is an indirect subsidiary of MFS Investment (MFS). MFS was established as a partnership in Massachusetts in 1924 and is America s oldest mutual fund company. In 1932, MFS established an internal equity research department and proprietary research approach. MFS s investment philosophy is based upon active management identifying inefficiencies in global markets and investing in high quality companies which have above average sustainable earnings growth and are trading at attractive valuations. Principal offers investors investment management capabilities across a broad array of global asset classes including equity, fixed income, currency and real estate. Principal has significant experience in the management of both property securities portfolios and physical property markets. The firm serves a number of clients across many industries, sectors, countries and continents and manage portfolios for many leading investors around the world spanning more than 45 countries. River and Mercantile is a UK-based investment management firm, established in 2006. It specialises in managing UK and global equity portfolios, primarily on behalf of institutional clients. River and Mercantile centres its investment philosophy on Potential, Valuation and Timing (PVT) and uses these factors to assess securities. Salt is a specialist investment manager firm founded in May 2013 and is wholly owned by its investment personnel. Salt specialises solely in managing NZ and Australian listed equity and property mandates and uses the time-tested active investment philosophy of seeking to invest in companies with strong management, which operate within sound industry structures and which generate superior shareholder returns.
T. Rowe Price Wellington Company LLP T. Rowe Price is a US-based investment management firm founded in 1937 with offices in 16 countries worldwide. It offers a range of investment services backed by a global research program based across Baltimore, London, Singapore, Hong Kong, Sydney and Tokyo, and focuses on offering global equity and fixed interest investment strategies for institutions. T. Rowe Price s investment process seeks to identify companies with stable-to-improving business fundamentals and prospects for accelerating returns on capital over a 12 to 24 month time horizon. Wellington is a private partnership which traces its roots back to the founding of the Wellington Fund in 1928. Wellington is based in Boston and has offices located across the US, and in Beijing, Frankfurt, Hong Kong, London, Singapore, Tokyo and Sydney. The objective of Wellington s Global Aggregate investment process is to identify a diversified set of independent investment ideas, efficiently allocate capital to those investment ideas, and transparently manage portfolio risk.
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